Gold Reclaims $4,000 as US Midterm Election Results Weaken Dollar and Yields

Gold prices have reclaimed the $4,000 per ounce threshold, supported by a decline in the US Dollar Index toward 101.30 and falling Treasury yields. The rally gained traction following the 2026 US midterm elections, where projections signaled a Democratic sweep of Congress. Spot bullion initially gained nearly 2% to test $4,000, navigated intermediate technical levels near $3,955.060, and moved back above the key level. Ongoing central bank demand also underpinned bullion, with the World Gold Council reporting 321 tons in third-quarter net purchases despite trimming projected annual investment demand growth to 200 tonnes above 2025 levels.